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NSE Intra-day chart (12 June 2018)
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Market Commentary 13 June 2018
Markets to make pessimistic start amid mixed global cues


Extending previous session's northward journey, Indian equity benchmarks displayed spirited performance on Tuesday, with frontline gauges ending near their crucial 35,700 (Sensex) and 10,850 (Nifty) levels. The markets' mood remained up-beat throughout the day and benchmarks, after a positive opening, fervently gained from strength to strength, as investors continued hunt for fundamentally strong stocks. Sentiments remained optimistic since beginning with report stating that the Reserve Bank came out with draft guidelines on loan system for delivery of bank credit to improve discipline among larger borrowers enjoying working capital facility from the banking system. Meanwhile, the recent amendments in the bankruptcy resolution framework will help reduce timelines, enhance transparency and improve realisations. Market participants took some encouragement with a private report stating that China and Russia have backed India's move to revive talks at the World Trade Organization (WTO) to strengthen global norms to protect traditional knowledge from bio piracy and reckless patenting by corporates. Markets extended gains in noon deals as US President Donald Trump and North Korea's leader Kim Jong Un signed documents that acknowledge the progress of the talks and pledge to keep momentum going, after their summit in Singapore. Building up of positions by participants ahead of release of IIP and inflation data also influenced trading sentiments. Further, some support also came with finance ministry official's statement that the government is likely to launch a Rs 500-crore credit enhancement fund next month to facilitate infrastructure investments by insurance and pension funds. Adding some optimism, the Union government has formed a new committee under the chairmanship of former Chief Statistician Prof. T.C.A Anant to bring more transparency in employment related data releases. Finally, the BSE Sensex gained 209.05 points or 0.59% to 35,692.52, while the CNX Nifty was up by 55.90 points or 0.52% to 10,842.85.


The US markets ended the choppy day of trade mostly in green terrain on Tuesday, as traders looked ahead to monetary policy announcements by the Federal Reserve and the European Central Bank. The Fed is widely expected to raise interest rates by 25 basis points on Wednesday, while the ECB has indicated it will discuss ending its bond purchasing program at its meeting on June 14. Meanwhile, traders largely shrugged off the historic summit between President Donald Trump and North Korean leader Kim Jong Un. Following the meeting, Trump and Kim signed a joint statement pledging to work together to build a lasting and stable peace regime on the Korean Peninsula. The statement said Kim reaffirmed his firm and unwavering commitment to complete denuclearization of the Korean Peninsula, while Trump committed to provide security guarantees to North Korea. The U.S. and North Korea also committed to hold follow-on negotiations led by the Secretary of State Mike Pompeo and a relevant high-level North Korean official. On the economic front, the Labor Department released a report showing another modest increase in consumer prices in the month of May. The Labor Department said its consumer price index rose by 0.2 percent in May, matching the increase seen in April as well as economist estimates. Excluding food and energy prices, core consumer prices still increased by 0.2 percent in May after inching up by 0.1 percent in April. The Nasdaq surged 43.87 points or 0.57 percent to 7703.79 and the S&P 500 was up by 4.87 points or 0.17% to 2786.85, while the Dow Jones Industrial Average was down marginally by 1.58 points or 0.01 percent to 25320.73.


Extending previous session northward journey, Crude oil futures ended mixed on Tuesday, with U.S. prices ending higher for second straight session, however global benchmark Brent crude finishing lower. U.S. prices got some support ahead of data that are expected to show a weekly fall in domestic crude inventories, while Brent crude declined after a monthly report from the Organization of the Petroleum Exporting Countries (OPEC) revealed higher production from the cartel, led by swing producer Saudi Arabia. Meanwhile, OPEC oil production increased by 35,000 barrels a day in May, month-on-month, to average 31.87 million barrels a day. Output in Saudi Arabia jumped by 85,500 barrels a day but was partly offset by production outages in Nigeria, Venezuela and Libya. Benchmark crude oil futures for July delivery gained 26 cents or 0.40 percent to settle at $66.36 a barrel on the New York Mercantile Exchange. August Brent crude lost 58 cents or 0.80% at $75.88 a barrel on London's Intercontinental Exchange.


Indian Rupee ended weaker against the American currency due to increase in demand for dollar by banks and importers. Meanwhile, investors await crucial economic data on consumer inflation and industrial output for direction. Besides, Rupee sentiments were pessimistic after President Donald Trump has taken a swipe at India along with the world's other top economies and accused New Delhi of charging 100 percent tariff on some of the US' goods, as he threatened to cut trade ties with countries who are robbing America. On the global front, dollar appreciated as US President Donald Trump and North Korean leader Kim Jong Un signed a comprehensive deal at a historic summit aimed at the denuclearisation of the Korean peninsula. Investors now wait for a likely interest rate hike by the US Federal Reserve. Finally, the rupee ended at 67.49, 6 paise weaker from its previous close of 67.43 on Monday.


The FIIs as per Tuesday's data were net sellers in equity and debt segments both. In equity segment, the gross buying was of Rs 4011.09 crore against gross selling of Rs 5205.52 crore, while in the debt segment, the gross purchase was of Rs 389.87 crore with gross sales of Rs 1342.83 crore. Besides, in the hybrid segment, the gross selling was of Rs 0.51 crore against no buying.


The US markets ended mostly higher on Tuesday, after President Donald Trump and North Korea leader Kim Jong Un sign an agreement aimed at establishing a peace regime on the Korean peninsula. Asian markets trading lower in early deals as investors shifted their focus from the recently concluded U.S.-North Korea summit to the conclusion of the Federal Reserve's June meeting later in the day. Indian equity benchmarks ended higher on Tuesday with underlying sentiment supported by positive global cues ahead of retail inflation and industrial output data, due later in the day. Today, the markets are likely to make pessimistic start amid mixed global cues. Sentiments may remain dampen on report that India's retail inflation hit a four-month high after jumping to 4.87 percent in May from April's 4.58 percent driven by costlier food and fuel. Retail inflation, measured by Consumer Price Index (CPI), had fallen to 2.18 percent in May 2017. However, traders may get some support later in the day with report that India's industrial production grew 4.9 percent in April, as compared with 4.4 percent jump in March. The factory output index growth rate moderated in March after consistently being above 7 percent between November and February. It expanded 6 percent a year ago. Meanwhile, markets regulator Sebi proposed to allow direct listing of Indian companies on overseas bourses and of foreign firms on Indian exchanges, while setting up an expert panel to look into the details. Currently, Indian companies can list their shares through depository receipts abroad, while foreign companies need to go through the Indian Depository Receipt route for listing of equities.


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  • Larsen & Toubro's construction arm -- L&T Construction will construct an iconic bridge across the river Krishna at Amaravati in the state of Andhra Pradesh. 
  • Reliance Industries' subsidiary -- Reliance Jio Infocomm -- has become India's third-largest telecom operator by revenue market share. 
  • Tata Consultancy Services has expanded its agreement with M&G Prudential, the UK and European savings and investments business of Prudential plc. 
  • Sun Pharmaceutical Industries has received establishment inspection report (EIR) from the US health regulator for its Halol facility in Gujarat.
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